Gresham House Annual Review (for the year ended 31 December 2025)

Creating specialist solutions to deliver long-term financial returns for investors through an investment offering centred around key global themes which are shaping the way in which we live.

Overview

Delivering financial returns sustainably

The Group continue to perform well against a challenging backdrop of macroeconomic uncertainty and longer decision-making cycles among some institutional investors. Assets under management (AUM) reached £10.7bn at 31 December 2025 reflecting continued growth in fundraising, positive investment performance and the expansion of our specialist platforms internationally.

As an active manager specialising in alternative investments with a sustainable positive impact, our focus is on the delivery of financial performance and service excellence for our clients both globally and regionally.

We target financial returns through specialist investment in long-term global themes that are shaping the world in which we live. Themes that are critical to humanity and where the opportunity for investment innovation to drive financial and non-financial returns for our clients and stakeholders has never been more evident.

Chief Executive, Tony Dalwood said:

“Our focus remains consistent: to deliver clients financial returns with sustainability outcomes.”

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Highlights

Financial

2025 was a year in which Gresham House once again demonstrated its ability to deliver strong financial returns for clients through disciplined execution of investment process, whilst also continuing to grow Group AUM.

£10.7bn AUM1

+25% CAGR1 2018-2025

£40.0mn EBITDA

+45% CAGR2 2018-2025

£90.3mn total net core income

+30% CAGR3 2018-2025

25.9% Return on capital employed (ROCE)4

44.4% EBITDA margin5

High-quality long-term revenue streams

13-year weighted average life of LP funds

Sustainability

Sustainability is integral to how we invest, operate and steward capital over the long term. It reflects our responsibility to manage material risks and opportunities in a way that supports our durable financial performance for our clients.

2.4mn tCO2e

sequestered by our forests

601 GWh

of renewable energy generated

269,000 tCO2e

prevented by our renewable assets

3,403 acres

of biodiversity habitat banks created6

£50,000

corporate charitable giving

191

net new jobs created across our BSIF portfolio

Market position

The management team have a vision of making Gresham House the authority in the specialist asset classes in which we operate. Our global market positions will grow organically and through selective, accretive acquisitions, alongside partner LP relationships who are also increasing their allocation to these asset classes.

No. 1

Commercial forestry asset manager in the UK by value6

Top 10

Energy transition asset manager in europe7

Top 10

Global natural capital manager6

3rd largest

Global Forestry Manager

2nd largest

Venture Capital Trust (VCT) manager in the UK

  1. Assets Under Management is defined as the fee earning value of assets managed and advised by Gresham House. It also includes SUSI Partners AG whose acquisition was completed in January 2026.
  2. EBITDA metric excludes interest and financing costs, depreciation and amortisation, impairment, exceptional items from acquisition costs and restructuring and acquisition-related remuneration.
  3. Net core income includes asset divided by net core income, management income, performance fees and dividend and interest income earned in the year.
  4. ROCE is defined as EBITDA plus neutralised gains and development activity and fair value movements in investments, less fair value movement in contingent consideration, divided by opening net assets, adjusted for any shares issued in the year.
  5. EBITDA margin is defined as EBITDA divided by net core income.
  6. IPE Real Assets 2026
  7. Indefi, June 2025

Strategies

Our investment solutions

Natural Capital

Investments in sustainable forests, land and natural systems that generate long-term financial and environmental value.

Infrastructure

Investments in essential infrastructure assets that support the transition to a more sustainable and resilient economy while seeking attractive long-term returns.

Strategic Equity

Investments in public and private companies through a high-conviction, fundamentals-based approach to target strong long-term returns.

Get in touch

Connect with our team

Whether you would like to explore our investment strategies, discuss your objectives or learn more about Gresham House, our team is here to help.

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